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Not a good look when your headquarters is a private residence with a for sale sign out front.
UFood has more flexibility by staying privately held, for now, and not publicly traded as it was under Naddaff. https://www.bostonglobe.com/business/2015/08/18/new-ufood-ceo-aims-revive-healthy-fast-food-chain/cKVbexdRxBXfGtPa7MYqYK/story.html
Not publicly traded? What is UFFCQ?
with a big 50% discount on franchise fee for vets. Good for Ufood! http://www.ufoodgrill.com/ufood-articles/ufood-grill-announces-vetfran-membership/
with a big 50% discount on franchise fee for vets. Good for Ufood! http://www.ufoodgrill.com/ufood-articles/ufood-grill-announces-vetfran-membership/
Ufood has been open at DFW airport since at least 2010- no news other than Sodexo has plans for opening one at Liberty University in 2016. http://www.liberty.edu/index.cfm?MID=150770&PID=18495. The court is dragging out a ruling on compensation for the attorneys- looks like we have to wait until Aug to read about it- what a joke. "Parties have until 05/29/2015 to file a Request for Redaction with the Court. If no request is filed, the transcript may be made available electronically on 08/7/2015. (eScribers, LLC) (Entered: 05/08/2015)". Going on 2.5 yrs of bankruptcy hearings at $xxx.xx per hour.
Next court hearing delayed until April 20-21. Can't believe it.
Good review on the SLC airport location. We could use more like this. http://planetjh.com/2014/11/25/feed-me-slc-airport-eats-beat-out-denvers/
FE Warren is now open- they are calling it a Ufood Station. I am wondering if this is a scaled down version? http://www.warren.af.mil/news/story.asp?id=123432419
Update: This thing has dragged on for 2 yrs and now lawyers are billing 321K including a generous discount! It's getting to the point that Ch 11 legal fees are more then this company is worth with no end in sight. We'll see what the courts decide.
The F.E. Warren location is scheduled to open in Feb. http://ebmpubs.com/GFS_pdfs/gfs0713_Food-T.pdf
How healthy is Ufood? Not very according to this poster. Some items are pretty high in sodium. http://chowhound.chow.com/topics/903881
The next court hearing is now scheduled for Feb 2015 so not anytime soon. Headed for year 3 of CH 11! I am very curious how sales are going on these Air Force bases.
Now former COO Charlie Cocotas thinks Ufood owes him back pay of $185,000. The trustee is recommending to the court that he be paid 11K. Stay tuned. What next.
As CFO for this company, why does she still have a job? On March 12, 2012, the Audit Committee of UFood Restaurant Group, Inc. re-assessed the equity versus liability categorization of the 2009 Investor and Placement Agent Warrants based upon the "indexed to an entity's own stock" criteria specified within ASC 815-40, and concluded that the Warrants should have been classified as a liability upon issuance. This classification change will affect both the balance sheets and statements of operations previously reported by the Company. The Audit Committee of the Company concluded that the financial statements previously filed with Forms 10-K, 10-Q and S-1 since June 2009 should no longer be relied upon due to an error in such financial statements. http://www.crmz.com/Report/ReportPreview.asp?BusinessId=10934166
Ufood website has been updated- two new locations bring the total to 15. http://www.ufoodgrill.com/Locations/
At least we traded today- somebody bought 1000 shares. Dyess AB location is open- not surprising the ufood website still lists it as "coming soon" http://www.dyess.af.mil/news/story.asp?id=123419107
tracking on pacer.gov. You have to apply for access and pay a fee for documents viewed.
Good news-unpaid tax claim was dropped by the state. Otherwise, Ufood remains quiet-no trading.
More delays- now Ufood owes for unpaid state taxes. Going to be 2 yrs in CH 11 soon.
You can follow the case at pacer.gov but have to apply for access and pay to download docs.
Check the website- a few more new locations. Press release from Oct 13 is baloney- they are still tied up in court: "UFood Grill announced their emergence from Chapter 11 reorganization on October 4, 2013. The UFood Restaurant Group Inc. And its wholly owned subsidiaries (the “Company”) filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code on December 14, 2012 citing liquidity issues in the face of a slowing economy. Healthy Acquisitions Corp.was the successful bidder of the UFood Grill concept acquiring the UFood Grill brand and related assets.
Healthy Acquisitions Corp. CEO and Chairman – Richard Golden said in a statement “The future of UFood Grill is poised for growth in the healthy grill market place segment with a very strong balance sheet, adequate growth capital and the right team moving forward”. “I want to thank all of our Franchisees, employees, vendors and our customers for sticking with us through this difficult period in the brand’s history”. “Our growth strategy will be in the non-traditional development channels such as college campuses, hospitals, government facilities, office buildings, airports and roadways.”
UFood Grill Franchisees have continued to be supportive by executing scheduled openings through the re-organization process. The opening schedule for the next twelve months includes 14 additional locations."
April 23 is the next scheduled hearing.
More CH 11 delays- Ufood pictures on this site should be replaced- the trucks are long gone and Aberdeen is closed.
I like the fact that the Air Force is allowing airmen to use their food entitlement money for healthy food outside their usual chow halls. I hope that includes Ufood. https://imcea.org/wp-content/uploads/2013/12/December2013Newsletter.pdf
CH 11 update- disputed claims, more delays, more $ for the lawyers.
No news from the bankruptcy proceedings. It's been over a year now.
Old news- 6 new locations since Vancouver and at least 2 have closed.
http://business-bankruptcies.com/cases/ufood-restaurant-group-inc
You have to pay for access to court documents
court just approved final payment for arbitrator. I would think that means they are wrapping this up.
I think we will see UFFC emerge from CH11 soon- Sodexo is committed and new leadership should be able to make this franchise profitable ie musclemaker grill. http://www.musclemakergrill.com/franchising
Any idea what happened to the Aberdeen locations?- They are no longer listed on the ufood website. 3 new locations on AF bases though.
They are called Ufood Investment Partners, LLC. The deal with MBUF is probably over. I'm not sure if this is Sodexo or the same old cronies. I think there is a gag order- Vancouver abruptly ceased tweeting and FB posts on Sep 25.
Next court date is Nov 22. I think you are right- we are getting close to emerging from CH 11- new investment group is involved (UFIP) http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=245009156
and Albany just opened by Sodexo http://www.albany.edu/uas/uas-news.php.
Order dated 10/3/13 Granting 171 Motion by Ch.11 Trustee to (A) Authorize Trustee to Enter into Asset Purchae Agreement with UFood Investment Partners, LLC; (B) Authorize Sale of the Debtors' Assets by Private Sale Free and Clear of Liens, Claims, Encumbrances, and Interests; (C) Authorizing the Assumption and Assignment of Executory Contracts; and (D) For Related Relief. (yms) (Entered: 10/03/2013) -from Docket report.
Ufood sold- when are we going to hear something?
UAlbany is open http://www.timesunion.com/local/article/More-variety-tempts-the-taste-buds-4769676.php. Not surprising, no mention of this location on the Ufood website.
Court hearing for continued on Sept 9- another delay so stay tuned.
It looks like Ufood is being bought out. Sodexo has pledged to open 10 more stores besides FAA and South Dakota, so does anybody know ...what happens to our shares?
I find it ironic that they pumped so many press releases a few years ago on agreements to open new locations in the entire SW United States, the Middle East, Omni Club in Atlanta, Puerto Rico, etc., that never materialized. Now things are actually happening with Sodexo and nothing. Could it be possible that the "blackout" George mentioned is actually still in effect?